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Concentrated Solar Power Market

Concentrated Solar Power Market

Concentrated Solar Power Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

141

Base Year:

2021

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1639

Segments Covered
  • By Technology Solar Power Tower, Linear Concentrating Systems, Stirling Dish Technology
  • By Type Stand-Alone Systems, With Storage
  • By Capacity Less than 50 MW, 50 MW to 99 MW, 100 MW and above
  • By End User Utilities, EOR, Others (Process Heating, etc.)
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 4.71 Billion
Revenue 2028Revenue 2028: USD 8.04 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 9.3%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Concentrated Solar Power Market Share

Global Concentrated Solar Power Market

Concentrated Solar Power Market- By Technology, Type, Capacity, End User, and Region.

Market Synopsis:

The Global Concentrated Solar Power Market is valued at USD 4.71 Billion in the year 2021 and is expected to reach a value of USD 8.04 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.3% over the forecast period.

Concentrated Solar Power Market Size, 2021 To 2028 (USD Billion)

CSP stands for Concentrated Solar Power, which is a sustainable energy source that uses sunlight to generate electricity. It is also known as solar thermal power since it uses sunlight to generate steam and drive a turbine. Concentrated Solar Power systems have storage capacity, allowing them to generate power even on overcast days or when there is no sunshine. Due to the increased electrification plans in several nations throughout the world, sales of these systems are now increasing.

The industry is expanding owing to the growing popularity of solar energy and the rapid growth of manufacturers in the Concentrated Solar Power Market. The market is also being boosted by technological advancements in the production of solar energy from renewable sources. However, in some countries, the high cost of energy generation utilizing Concentrated Solar Power plants has hampered the market's expansion. Market stakeholders' collaborative efforts to minimize the capital and operational costs of Concentrated Solar Power systems are helping to drive market expansion. Furthermore, the increasing number of industrial and commercial power plants in many emerging countries is boosting market expansion by providing lucrative income potential for market participants.

Market Segmentation:

The Concentrated Solar Power Market is segmented based on Technology, Operation Type, Capacity, and End User. On the basis of Technology, the market is segmented into Solar Power Tower, Linear Concentrating Systems, and Stirling Dish technology. On the basis of Operation Type, the market is segmented into Stand-alone Systems and With Storage. On the basis of Capacity, the market is segmented into Less than 50 MW, 50 MW to 99 MW, 100 MW and above. On the basis of End User, the market is Utilities, EOR, and Others.

Below tree is interactive. You can click the nodes to get more information.

Based on Technology:

The market is divided into three categories based on technology: Solar Power Towers, Linear Concentrating Systems, and Stirling Dish technology. The solar power towers segment dominated the Concentrated Solar Power Market by technology. The solar power tower section is benefiting from higher temperatures, which can improve steam cycle efficiency and reduce water demand for cooling the condenser. The greater temperature allows for schedulable power generation by utilizing thermal energy storage. As a result of the lower cost of solar power towers or the ability to store more energy for the same price, the solar power tower category is predicted to grow at the fastest rate over the forecast period.

Based on End User:

Utilities, EOR, and Others are the end users in the market. Key Concentrated Solar Power project developments in Asia Pacific and the Middle East and Africa regions, particularly in China, Saudi Arabia, the United Arab Emirates, and Morocco, are driving market growth in the utilities category. Furthermore, the utility industry's demand for concentrating solar power is driven by the necessity to generate renewable electricity with storage technology to meet the growing power demands of the residential sector. The industry is predicted to expand due to favorable government efforts and legislation promoting the use of renewable energy sources. Various financial and economic benefits offered by the government, such as Feed-in Tariffs (FiT) and tax credits, will boost segment growth till 2028.

Asia Pacific Region Dominates the Concentrated Solar Power Market with the Largest Share

Asia Pacific acquired the largest market share during the year 2021 with a share of 41.90%. This is due to the increasing number of Concentrated Solar Power facilities being built in nations like China. From 2021, China is expected to expand at the fastest rate. This is primarily owing to the country's rising investment in CSP for grid stabilization. Furthermore, the region emphasizes the necessity for sustained renewable electricity generation to support expanding economic activities. The Asia-Pacific region is seeing fast industrialization and urbanization, which is increasing the demand for reliable power. Furthermore, the region's rising air pollution levels are driving the government and private sector to use renewable energy sources. The expansion of the Asia Pacific Concentrated Solar Power Market is mostly due to the emergence of favorable government policies that encourage the adoption of renewable energy sources.

Competitive Landscape:

The key players in the Global Concentrated Solar Power Market include- Abengoa, BrightSource Energy, ACWA Power, Aalborg CSP, SolarReserve, Acciona, Soliterm Group and others.

Segmentation of the Global Concentrated Solar Power Market:

Parameter Details
Segments Covered
  • Technology (Solar Power Tower, Linear Concentrating Systems, Stirling Dish Technology)
  • Type (Stand-Alone Systems, With Storage)
  • Capacity (Less than 50 MW, 50 MW to 99 MW, 100 MW and above)
  • End User (Utilities, EOR, Others (Process Heating, etc.))
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Abengoa
  • BrightSource Energy
  • ACWA Power
  • Aalborg CSP
  • SolarReserve
  • Acciona
  • Soliterm Group
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Concentrated Solar Power Market to Reach Valuation of USD 8.04 Billion by 2028 - Market is Being Driven by Environmental Concerns about Carbon Emissions and Initiatives to Minimize Air Pollution, Government Policy Support to Allow Uptake of Renewable Technologies, and the Integrality of CSP Systems with Thermal Storage Systems
From the period of 2022 to 2028, the Global Concentrated Solar Power Market is expected to reach USD 8.04 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 9.3%. One of the primary aspects driving the market's positive outlook is a large increase in demand for renewabl...
FAQ
Frequently Asked Question
  • The global Concentrated Solar Power valued at USD 4.71 Billion in 2020 and is expected to reach USD 8.04 Billion in 2028 growing at a CAGR of 9.3%.

  • The prominent players in the market are Abengoa, BrightSource Energy, ACWA Power, Aalborg CSP, SolarReserve, Acciona, Soliterm Group.

  • The market is project to grow at a CAGR of 9.3% between 2021 and 2028.

  • The driving factors of the Concentrated Solar Power include

    • Growing environmental concerns over carbon emissions and efforts to reduce air pollution

  • Asia Pacific was the leading regional segment of the Concentrated Solar Power in 2020.